11 Mar 2022 09:36

Anti-Russian sanctions to impact global economy - Russian Deputy FM

MOSCOW. March 11 (Interfax) - Russia is an important party to global economic relations, hence the anti-Russian sanctions will have an impact on the global economy, Russian Deputy Foreign Minister Alexander Pankin said in an interview published by the Izvestia newspaper on Friday.

"The global economy, which is already shaken by the pandemic, is about to experience a huge shock. Of course, economic growth, trade turnover and supply shortage values will have to be reviewed. Russia is an important party to global economic relations, so this [Western sanctions against Russia] will not pass unnoticed," Pankin said when asked how he would assess anti-Russian sanctions' fallout on the global economy.

"There will be consequences for everyone, as we cannot fall out of the picture or be separated from the entire world by some kind of an iron curtain or a brick wall by the stroke of a pen or a law of a country or a group of states," he said.

"Obviously, we still have relations and we are in demand. Many may claim that Russia's role is insignificant, miniscule. Yet it varies from several percentage points to 15%, 30%-40% or even 50%. This is the scope of impact on the global economy, above all the European economy, well, a broad sense, the economy of the whole world in terms of various commodities and services," Pankin said.

The anti-Russian sanctions "will disrupt logistic, trade and industrial chains, while shock prices for goods, prices that have grown manifold for a number of commodities, are already observed around the world," he said.

"Will Russia endure through these times? Yes, we will, it'll be hard and our lifestyle, our habits will have to change. Will the global economy and population of other countries endure the burden caused by the political measures against us? It's hard for me to tell, since we know that the public in Western countries is more sensitive to a deterioration of living standards by 1%, 2%, or 3%, than we who have been through a lot," Pankin said.